Magnolia Mornings: September 13, 2024

• Important state and national stories, market and business news, sports and entertainment, delivered in quick-hit fashion to start your day informed.

In Mississippi

1. Home damaged in Francine? Follow these tips

If your home was damaged from Hurricane Francine, Insurance Commissioner Mike Chaney says now is the time to take action.

The Mississippi Insurance Department advises Mississippians follow these steps when filing a claim:

• Prepare to file an insurance claim by gathering all relevant policy numbers.
• File your claim as soon as possible.
• Be aware, if a widespread disaster has occurred, the company may set up special procedures.
• Be sure you cooperate fully with the insurance company. Ask what documents, forms and data you will need to file a claim. Keep a record of all conversations with insurance companies, creditors or relief agencies.
• If your home is damaged to the extent that you can’t live there, ask your insurance company if you have coverage for additional living expenses.
• Take photographs/video of the damage. Inventory your home for damaged or lost items before your adjustor arrives. This will speed up your claim process.
• Make the repairs necessary to prevent further damage to your property (cover broken windows, leaking roofs and damaged walls).
• Don’t have permanent repairs made until your insurance company has inspected the property and you have reached an agreement on the cost of repairs. Be prepared to provide the claims adjuster with records of any improvements you made prior to the damage.
• Maintain any damaged personal property for the adjuster to inspect.
• Ask the adjuster for an itemized explanation of the claim settlement offer.
• Be patient and assist claims adjusters assigned to your case. Small losses may be settled quickly; extensive claims will take longer.
• Save all receipts, including those from the temporary repairs covered by your insurance policy.

2. Hattiesburg receives federal grant to address public housing lead-based paint abatement, fire safety needs

On Thursday, U.S. Senator Cindy Hyde-Smith announced an award of more than $4.3 million to the City of Hattiesburg to address risks posed to public housing residents from lead-based paint and other housing-related hazards.

Hyde-Smith said in a statement that the Hattiesburg Housing Authority will receive the competitive grant funding through the FY2024 appropriations provided to the U.S. Department of Housing and Urban Development (HUD) earlier this year.

Funded through the HUD Capital Fund Housing-Related Hazards (HRH) and Lead-Based Paint (LBP) Program, Hattiesburg will receive a $2.29 million LBP Capital Fund Program grant, as well as a $2.0 million HRH Capital Fund Program grant, according to Hyde-Smith’s office.  The LBP funding will be directed toward lead-based paint mitigation and the HRH grant will support reducing residential fire safety risks.

3. Cedric The Entertainer, Anthony Anderson coming to JSU

Comedians, close friends, and barbecue enthusiasts Cedric The Entertainer and Anthony Anderson bring their star power to Jackson State’s campus on Saturday to promote their AC Barbeque brand.

JSU says AC Barbeque is part of a larger partnership between Virtual Dining Concepts and SodexoMagic, which has brought new dining options to JSU. Virtual Dining Concepts is a creator of virtual restaurant brands, designed to increase revenue for independent kitchens. With delivery-only infrastructure, an exclusive online platform, and third-party delivery services, AC Barbeque brings delicious, culture-rich food to the JSU community.

National News & Foreign Policy

1. Draft of Biden’s new corporate tax rules rolled out

The Washington Post reports that the Biden Administration unfurled new draft rules that could raise taxes on about 100 large, highly profitable companies.

“The release of the extraordinarily technical, roughly 600-page blueprint marked a critical step in a process now two years in the making, after President Joe Biden enacted a signature economic package that cracked down on firms that rely on shrewd accounting to reduce their tax bills significantly,” WP reported. “But the new federal tax guidelines arrive in the midst of a grueling election season, the outcome of which will shape a looming partisan battle in Washington over a set of soon-expiring tax cuts adopted in 2017 under President Donald Trump.”

As noted by WP, “Biden secured a new minimum 15 percent tax on companies that report more than $1 billion in income as part of the Inflation Reduction Act in 2022.”

2. Trump says no to second Harris debate

Former President Donald Trump now says he would not participate in another debate with Vice President Harris, squashing the potential for a second meeting between the two candidates before Election Day, as reported by The Hill. Trump posted the news on Truth Social.

“Shortly after Trump’s social media post, Harris took to the stage for a rally in North Carolina where she addressed her desire to face the former president again,” The Hill reported.

“I believe we owe it to the voters to have another debate, because this election and what are at stake could not be more important,” Harris told supporters, according to The Hill.

Sports & Entertainment

1. Ole Miss on the road, State and Southern Miss at home

Mississippi’s Big 3 hit the turf for Week 3 of the College Football season this Saturday. Here’s who they will play and how to see the teams in action:

• No. 5 Ole Miss travels to Wake Forest for a 5:30 P.M. kickoff. Fans can watch on The CW.

• Mississippi State hosts Toledo. Kickoff is 6:30 P.M. in Starkville.

• Southern Miss hosts South Florida at The Rock. Kickoff is 6 P.M.

2. Shuckers eliminate M-Braves from playoff contention

The Biloxi Shuckers officially eliminated the Mississippi Braves from Southern League Double-A playoff contention by sweeping Thursday’s doubleheader at Keesler Federal Park. Being eliminated from the postseason makes it official that Sunday’s 1:05 pm game in Biloxi will be the final game in Mississippi Braves history.

Biloxi held on for a 5-4 victory in the first game and ran away with the nightcap, 8-1.

Biloxi is currently in second places in the Southern League South Division, 5 games back of the Montgomery Biscuits.

The M-Braves (30-35, 61-72) and Shuckers (35-30, 65-67) series will continue on Friday night in Biloxi.

Markets & Business

1. Clarksdale awarded a T-Mobile Hometown Grant

T-Mobile has announced its latest 25 Hometown Grant recipients, who will each receive up to $50,000 in funding from T-Mobile to kickstart local development projects that enhance and strengthen their communities. Clarksdale, Mississippi is among the recipients.

The Clarksdale funds will reportedly by used to revitalize the area in front of J’s Grocery in Clarksdale with a mural, outdoor furniture, bike racks, sunshades, planters, life-size games, pedestrian safety modifications, and an activation space to support healthy food purchases while fostering community connections and creative expression.

The company has provided more than $14 million in Hometown Grants to 325 communities across 47 states since kicking off its five-year commitment to small towns and rural communities in April 2021. To date, Hometown Grants has created more than 86,000 volunteer hours, rallying people to come together and uplift their towns.

2. Fed to ease in rate cuts with inflation still a concern

CNBC reports that the U.S. Federal Reserve’s easing cycle will be “mild” by historical standards when it starts cutting rates at its September policy meeting, ratings agency Fitch said in a note.

“In its global economic outlook report for September, Fitch forecast 25-basis-point cut each at the central bank’s September and December meeting, before it slashes rates by 125 basis points in 2025 and 75 basis points in 2026,” CNBC reported. “This will add up to a total 250 basis points of cuts in 10 moves across 25 months, Fitch noted, adding that the median cut from peak rates to bottom in previous Fed easing cycles going up to the mid-1950s was 470 basis points, with a median duration of 8 months.”

 CPI inflation is still above the Fed’s stated inflation target of 2%, notes CNBC.